This is contained in a statement signed by Dr Ejike Ndiulo, head of Corporate Communications, Air Peace, on Wednesday in Lagos.
According to Ndiulo, the decision is necessary because NiMet is the agency responsible for issuing CNH (Current Nowcast of Hazardous Weather) reports, critical for safe landings, especially during this season of heavy rainfall and thunderstorms.
He said without these reports from the control tower, flight safety could not be guaranteed.
“As a safety-first airline, we have chosen to act responsibly by suspending operations until NiMet resumes full service.
“We understand this may cause inconvenience, and we sincerely apologise. Passengers will be contacted with updates and options for rescheduling,” he said.
The staff of NiMET on Tuesday commenced an indefinite strike over the condition of service and other demands.
News
NNPC, Shell Sign MoUs with Nigerian Banks for $2.2Bn Contractor Financing Support
Shell Companies in Nigeria, supported by the Nigerian National Petroleum Corporation (NNPC) has signed Memoranda of Understanding (MoUs) with eight Nigerian banks under the refreshed Shell Contractors’ Support Fund, the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry.
Under the MoUs signed in Lagos in November, Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard Chartered Bank, First City Monument Bank and Guaranty Trust Bank have set aside $2.2billion for contract execution by Nigerian firms.
The scheme provides support for contractors to enable them finance projects executed for Shell Companies in Nigeria in line with the aspirations of the Nigerian Content Act.
To access these funds, the contractors must have a valid purchase order and meet the banks’ risk assessment criteria. This refreshed version is in response to market realities and will offer loans faster and at cheaper rates.
“Supporting SMEs under this scheme is for the mutual benefit all the parties,” said Osagie Okunbor, managing director of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Country Chair, Shell Companies in Nigeria at the signing ceremony in Lagos.
“While the scheme reduces the pressure from requests for advance payments from contractors on us, it also ensures optimum delivery by our contractors, leaving the banks with a de-risked client base in addition to the comfort of domiciliation of payments.”
Guy Janssens, finance manager, Nigeria and Gabon, added that funding is key to enable contractors deliver and grow.
He also urged the banks to make the scheme work.
Bayo Ojulari, managing director, Shell Nigeria Exploration and Production Company (SNEPCo) advised the contractors to perform in order build trust and grow.
Dafe Sejebo, group general manager, NAPIMS, who was represented by Bunmi Lawson, implored the banks to make the loan facilities available to the vendors when they come for them.
In the same vein, Mazi Bank-Anthony Okoroafor, chairman of the Petroleum Technology Association of Nigeria (PETAN) , enjoined the banks to be realistic in their demands in order to engender easier access to the funds.
Responding, one of the Contractors, Moritz Abazie of Strides Energy and Maritime Limited requested that the rates charged should be comparable to that for credit sourced overseas so that they could fairly compete with foreign firms in bidding for jobs.
The idea of a Contractor Funding Scheme started in 2011 with the Shell Kobo Fund, which gave rise to the Shell Contractor Support Fund in 2012.
The scheme has been redesigned to address the current economic exigencies and to align it with stakeholder needs by merging the two initial initiatives.
To date, the six participating banks have disbursed a total of $1billion to over 220 vendors.
In 2015, 93% of all contracts awarded by Shell Companies in Nigeria were undertaken by Nigerian companies amounting to US$0.9billion.
The National Information Technology Development Agency (NITDA) is pleased to announce the inaugural meeting of the Startup Consultative Forum, scheduled for Monday April 28, 2025 This milestone event marks a significant step in deepening stakeholder engagement within Nigeria’s growing startup ecosystem.
The Forum will serve as an interactive platform for startup founders, innovators, ecosystem enablers, and intermediaries to actively shape national policies that foster growth, attract investment, and drive digital innovation.
Convened under the framework of the Nigeria Startup Act (NSA), this initiative reflects the government’s commitment to making startups not just stakeholders but key contributors in building an enabling environment for innovation.
The meeting will emphasize collaborative dialogue, with a primary focus on nominating and selecting representatives for the National Council for Digital Innovation and Entrepreneurship (Startup Council)—Nigeria’s highest advisory body for the startup ecosystem. Decisions from this Forum will lay the foundation for inclusive policy development, amplifying the voices of Nigeria’s tech and innovation community.
NITDA invites all Labelled Startups, Verified Entrepreneurial and Innovation Support Organisations, Angel Investors, Venture Capitalists, and other relevant stakeholders to join the Forum and actively participate in the nomination and voting process.
Join us in shaping the future of digital innovation in Nigeria. Together, we can build a thriving ecosystem that supports and celebrates the pioneering spirit of Nigerian startups.
International Monetary Fund (IMF) has revised downward its economic growth forecast for Nigeria in 2025 to 3.0%, a 0.2 percentage point cut from its earlier projection of 3.2%.
The downgrade is attributed to a decline in global crude oil prices, which remain a significant driver of Nigeria’s economy.
The updated figures were published in the IMF’s April 2025 World Economic Outlook (WEO) report, released in Washington, DC, during the ongoing Spring Meetings of the IMF and the World Bank.
The report outlines global and regional economic trends, highlighting continued vulnerability among oil-dependent economies.
According to the IMF, growth across sub-Saharan Africa is also expected to experience a modest decline, with projections falling from 4.0% in 2024 to 3.8% in 2025. However, a slight recovery is anticipated in 2026, with growth forecasted at 4.2%.
Nigeria, Africa’s largest economy, was singled out in the report as among the major economies affected by falling oil prices. The IMF noted that the country’s 2026 growth forecast has also been revised downward by 0.3 percentage points.
The IMF further reported similar economic challenges in other African countries. In South Africa, growth projections were adjusted downward by 0.5 percentage point for 2025 and 0.3 percentage point for 2026.
These revisions reflect weakening economic momentum following a lacklustre 2024, growing uncertainty, a rise in protectionist economic policies, and the impact of a broader global slowdown.
In a more severe adjustment, the IMF slashed South Sudan’s 2025 economic growth forecast by a staggering 31.5 percentage points.
The sharp decline is linked to delays in the resumption of oil production after a major pipeline sustained damage, significantly impacting the country’s revenue and export capacity.
The IMF’s outlook underscores the fragility of economies heavily reliant on natural resources and the ongoing risks posed by global market volatility.
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